- Hot Chili has released a gold and copper grade updates from its Chilean project Cortadera
- Gold grades reached 0.5 g/t and copper grades peaked at 1.2 per cent
- 5,000m drilled over 17 holes at the fully owned project
Hot Chili Limited gave an update on its Chilean project Cortadera, announcing discovery of medium-grade gold and copper mineralisation.
The company conducted five shallow reverse-circulation drill holes and they say the results confirm further consistent mineralisation ahead.
Nine seperate gold grades released to the ASX today included readings of 0.5 g/t, 0.4 g/t, 0.3 g/t and 0.1 g/t.
Copper readings on the other hand proved slightly stronger for the company, showing 1.2 per cent, 1.1 per cent and 0.7 per cent among others.
Today’s results come from the company’s April drilling campaign, which consisted of 5,000m throughout 17 holes of reverse circulation drilling.
Company Chairman Murray Black says these early results validate what the company already knew getting into this project.
The Cortadera site also lies 14km away from the company’s other large-scale copper development, Productora.
“Under a combined development scenario, Cortadera and Productora look likely to underpin a globally significant new copper development on the coastal range of Chile, virtually unrivalled in size, location and infrastructure advantage by our peers,” he said.
Black went on to describe the copper-gold discoveries as major and potentially transformative for the company’s progress.
The company had secured full interest in the project earlier this year in February. Opportunity to mine the copper and gold was taken up when 23,000m of previous diamond drilling was left open for exploration.
Deep diamond drilling rigs will continue to work on the main porphyry and is expected to be completed next week.
Despite the announcement, the company’s place in the ASX dropped 10 this morning. Share prices opened at 2.90 cents and cut down to 2.70 cents each.